Never tried doing any woodworking with it, but growing up we burned a lot. I remember that it dulled chain saw blades in a hurry, so will likely do the same to lathe tools. While the wood is tough and hard, it also had a tendency to split easily and unpredictably many times, so my biggest fear would be a chunk exploding on the lathe. If you do try it, be safe.

-- In matters of style, swim with the current; in matters of principle, stand like a rock. Thomas Jefferson